sebi:WTM/AB/WRO/19481/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held Noticees acted as unregistered investment adviser; directed joint and several refund to complainants/investors within 3 months with public notice and audit-trail payment, asset/bank freeze except for refunds, 6-month securities market debarment or till 6 months after completion of refunds whichever is later, and prohibition on investment advisory without SEBI registration.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Shri Maneesh Pavar
- Mapple Research
Holding
The Noticees, Shri Maneesh Pavar as sole proprietor of Mapple Research, were engaged as an investment adviser without SEBI registration in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013. The Whole Time Member directed joint and several refund, asset freeze, and 6-month market debarment with bar on future advisory without registration.
Full text
Final Order in the matter of Shri Maneesh Pavar, Proprietor: Mapple Research Page 1 of 12 WTM/AB/WRO/19481/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Shri Maneesh Pavar, Proprietor: Mapple Research Page 2 of 12 ii. Vide complaint dated June 16, 2016, the complainant had, inter alia, alleged they he had lost Rs.5000 in the market based on the advice received from the Noticees. The Noticees have not refunded the amount despite several requests. The copy of the complaint dated June 16, 2016 was provided as an Annexure to the SCN.
Final Order in the matter of Shri Maneesh Pavar, Proprietor: Mapple Research Page 3 of 12 address”. Subsequently, hearing notice was served through publication in newspapers on February 22, 2022. On March 22, 2022, the Noticees failed to appear for the hearing and did not seek any adjournment for the hearing. In view of the same the hearing was concluded qua the Noticees.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/WRO/19481/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.